Ivanhoe Sports Authority purchased inventory costing $21,000 by signing a 10% short-term note payable. The purchase...
Ivanhoe Sports Authority purchased inventory costing $21,000 by signing a 10% short-term note payable. The purchase occurred on October 31, 2014. Ivanhoe pays annual interest each year on October 31. Journalize the company's (a) purchase of inventory; (b) accrual of interest expense on July 31, 2015, which is the year-end; and (c) payment of the note plus interest on October 31, 2015. (Round your answers to the nearest whole number.) (d) Show what the company would report on its balance sheet at July 31, 2015, and on its income statement for the year ended on that date. (Record debits first, then credits. Exclude explanations from any journal entries.)
Journalize the company's purchase of inventory. (Fill In Below)
|
Date |
Accounts | Debit | Credit |
|---|---|---|---|
| October 31, 2014 | |||
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Ivanhoe Sports Authority purchased inventory costing $21,000 by
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